Crude markets hold ground as geopolitical risks mount

September 23, 2025 (MLN): Oil prices remained largely steady on Tuesday as traders weighed the effects of continuing geopolitical tensions in the Middle East and Russia, alongside concerns that trade tariffs could curb fuel demand.

Brent crude futures went up by $0.26, or 0.39%, to $66.83 per barrel.

West Texas Intermediate (WTI) crude futures decreased by $0.35, or 0.56%, to $62.63 per barrel by [3:05 pm] PST.

Two hospitals in Gaza City have been forced to suspend operations as Israel’s ground offensive intensifies and ongoing airstrikes cause severe damage, the Gaza Health Ministry reported, while Israeli tanks continue to push deeper into the territory.

In a parallel diplomatic development, dozens of world leaders convened at the United Nations on Monday to endorse the recognition of a Palestinian state, marking a historic shift nearly two years into the Gaza conflict.

The move faces strong opposition from Israel and its close ally, the United States.

Meanwhile, tensions are mounting in Eastern Europe. Ukraine has stepped up drone attacks on Russian energy infrastructure in recent weeks, targeting refineries and export terminals.

The European Union also informed plans to accelerate a ban on Russian LNG imports, moving it up by a year as part of its 19th sanctions package on Moscow, following pressure from U.S. President Donald Trump.

“Crude oil was relatively unchanged as the market absorbed the impact of the EU’s efforts to limit Russian supplies,” said ANZ analyst Daniel Hynes.

NATO allies accused Russia of violating alliance airspace over Estonia and Poland on Monday, with Britain warning that such actions could escalate into armed conflict.

Russia, for its part, reported that its forces had captured the settlement of Kalynivske in Ukraine’s Dnipropetrovsk region.

On the energy supply front, Saudi Arabia’s crude exports in July fell to their lowest level in four months, according to data released Monday by the Joint Organizations Data Initiative (JODI).

At the same time, Iraq, OPEC’s second-largest oil producer, increased its exports under the OPEC+ agreement, the state oil marketer SOMO reported

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